2026 Poland Real Estate Market Outlook_ENG

2026 Real Estate Market Outlook P|oland

Intelligent Investment

03 Office

Quality and flexibility of offices Tenant in focus

Strong demand andGDP growth are setting the direction for 2026, in which the office market will be shaped by bold decisions of tenants and the increasing value of top locations.

Figure 03: New supply of office buildings (thousand sq m) and vacancy rate in central and no-ncentral zones (%)

Improvingmacroeconomicconditionsand low supply translate into a growing demand for high-quality space. Tenants' sentiment and their decisions regarding relocation or expansion are also increasingly optimis.tic In response to growing demand, we expect an increase in the supply of new offices. Nevertheless, developers need to be careful in their investment plans, and the limited availability of plots in the city creent will force renovation or demolition of existing buildingsmtoakeway for new offices. The continued high interest in offices in prime locations will continue to characterize the market, but we will seinecreasingly selective approaches. Due to the low availability of offices, especially in central business areas (CBD), rents in top locations will increase. The s-coalled "second best locations", offering lower rents in more peripheral districts of cities, will become an alternative, and perhaps even a necessity. The growing demand for office space from startups and companies in the AI sector, which prefer shorter lease agreements, will make buildings in the second lease cycle and flexible space more attractive. This, in turn, will affect the demand for both stabilized buildings in top locations and new investments in city cenrtes, driving the growth of the office market in 2026.

900

18%

800

16%

700

14%

600

12%

500

10%

400

8%

Vacancy rate

300

6%

Comletions (thousand sq. m)

200

4%

100

2%

0

0%

2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Completions (LHS)

Vacancy rate (Central, RHS)

Vacancy rate (Non-Central, RHS)

Source: CBRE Research

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